During your apartment search, you may notice that a security deposit is required when applying for your rental. Renters are responsible for paying a security deposit, a sum of money to a property manager or landlord, before moving into a rental. The deposit is used to protect a landlord’s property in the case of damages caused by tenants and can be used to pay for repairs or missed rental payments. Keep in mind while renting that if you meet the expectations of your lease agreement, the property manager will return the security deposit at the end of your lease. We’ve put together this guide to help you understand this important part of your lease agreement.
What Does a Security Deposit Cover?
In short, a security deposit covers the cost of repair a landlord might pay if damages to their property occur during a renter’s tenancy, or if rental payments are missed by the renter. A lease agreement outlines the responsibilities of the renter and landlord, which includes exactly how the landlord can use the security deposit. Most often, if a renter fails to meet the expectations of the lease agreement or stops paying rent, their landlord can use the money from the security deposit to cover those costs.
Do Security Deposits Always Get Returned?
The short answer is that, in New York State, landlords can keep any amount of the security deposit necessary to repair damages caused by the renter to their property. State law dictates that if renters do not cause any damage to their unit, the landlord must return the security deposit.. If you have questions about your security deposit and lease agreement, discuss your questions with your landlord to best understand their policies and expectations.
How Much Does a Security Deposit Cost?
The national average cost of a security deposit is usually around one month’s rent. State laws may dictate limits on rental charges and security deposits. However, there are additional factors that affect the cost of your security deposit such as the apartment’s geographic location, included amenities and quality, market competition, and local housing legislation. Additionally, pet owners should be sure to discuss associated pet fees with their potential landlord, as pet fees may vary across apartment communities depending on animal weight and size.
What Is Rhino Security Deposit Insurance and How Can It Help Me?
All Saratoga and Troy Apartment Living locations offer Rhino Security Deposit Insurance, an affordable option for renters that may reduce the financial burden of a large security deposit. Compared to traditional security deposit fees which can be hundreds, even thousands of dollars, Rhino Security Deposit Insurance starts at just $4 per month. Rhino will cover the cost of your security deposit due at the start of your rental agreement, and renters pay a small monthly fee to Rhino instead of paying their lump sum security deposit in cash. That’s a huge benefit that our Saratoga and Troy Apartment Living properties offer to renters.
The Rhino Security Deposit Insurance enrollment process takes just minutes and is available to all renters, regardless of credit score or income.
If you’d like to learn more about how Saratoga and Troy Apartment Living can benefit you, visit our website today to learn more about our properties.